证券研究报告 | 公司深度报告 2026 年 03 月 06 日 三星医疗（601567.SH） 双主业经营稳健，智能配用电加速出海 中游制造/电力设备及新能源 公司经过二十余年发展，形成了智能配用电和医疗服务双主业。在国内配用电 领域，聚焦电网、发电等央国企客户，市场份额领先且较稳定。海外配用电高 景气，公司近几年重点拓展欧洲、中东、拉美等市场，深化本地化经营，海外 收入占比预计持续提升。首次覆盖，给予"增持"评级。 ❑ 风险提示：国内配用电投资不及预期、海外配电拓展不及预期、竞争加剧等。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 11463 | 14600 | 15988 | 18226 | 21506 | | 同比增长 | 26% | 27% | 9% | 14% | 18% | | 营业利润(百万元) | 2270 | 2585 | 2145 | 2341 | 3008 | | 同比增长 | 97% | 14% | -17% | ...

Core Viewpoint - The company, Haixing Electric Power, is implementing a share buyback plan to stabilize the market and boost investor confidence, with a buyback amount between 100 million and 200 million yuan, indicating a commitment to enhancing long-term value [1] Group 1: Share Buyback and Financial Performance - Haixing Electric Power announced a share buyback plan to repurchase between 2.86 million and 5.71 million shares, representing 0.59% to 1.18% of its total share capital, with a buyback price ceiling of 35 yuan per share, significantly higher than the current price of 25.98 yuan [1] - The company has a strong financial position, with cash reserves of 2.065 billion yuan and a low debt ratio of 23.69%, which has decreased year-on-year [2] - Since its listing in 2016, Haixing Electric Power has consistently paid dividends, totaling 1.965 billion yuan, with a payout ratio of 54.46% [1][2] Group 2: Revenue and Profit Trends - The company's revenue has shown consistent growth, with figures of 3.31 billion yuan, 4.2 billion yuan, and 4.717 billion yuan from 2022 to 2024, all achieving double-digit year-on-year growth [2] - However, in the first quarter of 2025, the company faced a decline in performance, with revenue dropping by 12.99% to 785 million yuan and net profit decreasing by 34.07% to 141 million yuan [3] - Despite the recent challenges, the company has maintained high investment in research and development, with R&D expenses increasing to 311 million yuan in 2024, totaling 824 million yuan over three years [3]

Core Viewpoint - Samsung Medical's stock closed at 29.28 yuan, up 2.74%, with a rolling P/E ratio of 18.53 times and a total market capitalization of 41.317 billion yuan [1] Company Summary - Samsung Medical operates in the smart power distribution and medical services sector, with main products including smart electricity products and solutions, smart distribution products and systems, and new energy products [1] - The company has been recognized as a national-level intellectual property demonstration enterprise, with its subsidiary Samsung Intelligent awarded as a national-level intellectual property advantage enterprise [1] - For the latest financial performance, Samsung Medical reported a revenue of 10.434 billion yuan for Q3 2024, a year-on-year increase of 25.14%, and a net profit of 1.816 billion yuan, up 21.91%, with a gross profit margin of 36.21% [1] Industry Summary - The average P/E ratio for the electric grid equipment industry is 37.08 times, with a median of 38.33 times, placing Samsung Medical at the 35th position within the industry [1] - The total market capitalization of the industry averages 94.31 billion yuan, with the median at 46.83 billion yuan [2]